Edward "Ned" Kelly, who joined Citigroup as president of the alternative investments unit last January after just six months at private equity firm The Carlyle Group, has been promoted to chief financial officer, having played a key role in discussions with the US government and regulators.

Jason Goldberg, an analyst at Barclays Capital, said in a report: "It's our understanding that Kelly has been one of Citigroup's lead liaisons with recent government and regulatory discussions."